SMALL BUSINESS DISASTER RELIEF PROGRAM

HB 237 creates New Mexico's Small Business Disaster Relief Program, providing state grants to small businesses in areas declared disaster zones by the governor when federal aid or insurance reimbursement is unavailable. The program covers operating expenses (payroll, rent, utilities), property repairs, and other disaster-related costs, with applicants required to demonstrate lack of other funding sources. It establishes a $1 million nonreverting fund in the state treasury (appropriated from the general fund for fiscal year 2027 onward), administered by the Economic Development Department through a competitive review process. The department must report annually on grant recipients, amounts, and employment impacts to the legislative finance committee.